Synovus Financial Corp Buys 2,471 Shares of Ingevity Co. (NYSE:NGVT)

Synovus Financial Corp boosted its holdings in Ingevity Co. (NYSE:NGVT) by 22.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,697 shares of the company’s stock after purchasing an additional 2,471 shares during the period. Synovus Financial Corp’s holdings in Ingevity were worth $534,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its stake in Ingevity by 809.2% in the second quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock worth $26,000 after purchasing an additional 526 shares during the last quarter. Isthmus Partners LLC bought a new stake in Ingevity in the second quarter worth $35,000. Blue Trust Inc. lifted its stake in Ingevity by 101.8% in the second quarter. Blue Trust Inc. now owns 896 shares of the company’s stock worth $43,000 after purchasing an additional 452 shares during the last quarter. Headlands Technologies LLC bought a new stake in Ingevity in the second quarter worth $46,000. Finally, KBC Group NV lifted its stake in Ingevity by 50.8% in the third quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after purchasing an additional 530 shares during the last quarter. 91.59% of the stock is owned by institutional investors.

Ingevity Price Performance

NGVT stock opened at $43.40 on Wednesday. The firm’s 50-day moving average price is $42.38 and its two-hundred day moving average price is $41.49. Ingevity Co. has a 12-month low of $30.90 and a 12-month high of $56.29. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -2.79 and a beta of 1.62. The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 6.52.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.50. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The firm had revenue of $376.90 million for the quarter, compared to analysts’ expectations of $376.95 million. During the same quarter in the previous year, the company earned $1.21 earnings per share. The company’s revenue for the quarter was down 15.5% compared to the same quarter last year. As a group, equities analysts predict that Ingevity Co. will post 2.55 earnings per share for the current year.

Analyst Ratings Changes

Separately, BMO Capital Markets boosted their price target on shares of Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.17.

Ingevity Company Profile

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.